Pine Labs, a prominent fintech firm, has chosen Sameer Kamath to be its chief financial officer (CFO) in preparation for an initial public offering (IPO). Kamath, previously the executive director and group CFO at Avendus Capital, will oversee Pine Labs' global finance strategy, accounting, investor relations, and offer financial leadership throughout the group.

The group CFO, Marc Mathenz departed in June mentioned personal reasons for departing from the payment solutions company.

Kamath has over twenty years of expertise in financial leadership within investment banking, capital markets, and fintech. He headed the finance, strategy, risk, and compliance departments at Avendus Capital.

Previously, he worked as director and CFO at Motilal Oswal before joining Avendus.

“Sameer’s proven track record of building high-performing teams and driving financial performance will be invaluable to Pine Labs as we continue to innovate and introduce cutting-edge fintech products in the market. We welcome him onboard and wish him the very best in this exciting role,” Pine Lab CEO B Amrish Rau says.

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On June 26, the fintech unicorn filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the sale of shares.

It aims to collect Rs 2,600 crore by issuing new shares. Alongside the main raise, a consortium of current shareholders, such as Peak XV, Temasek, Mastercard, PayPal, and others, is collectively proposing to sell as many as 14.78 crore shares.

The proceeds from the new issue will be allocated to debt repayment and invested in subsidiaries including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, the documents indicate.

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The platform, primarily centered on offline payments through Point of Sales (PoS) terminals, has been exploring additional ventures, such as online payments (Fave), Buy Now Pay Later (BNPL), invoice management, and gifting solutions for merchants to expand its revenue sources.

“I am thrilled to be joining a technology-first organization like Pine Labs at such a pivotal moment in their journey. Looking forward to working with Amrish and the rest of the leadership team to build on the momentum and strengthen the financial foundation of the company,” Sameer says.